KALYAN JEWELLERS: CITI — ACCUMULATE | TARGET ₹800

• Strong demand continues; 10%+ SSG achievable over medium-to-long term

• Old-gold exchange weighs on gross margins, partly offset by cash-for-gold

• Land sales expected to generate ₹350–400 Cr, including ~₹100 Cr by Sep’26

• Company remains on track to become debt-free by Sep’26

M&M: CITI — ACCUMULATE | TARGET ₹4,260

• BE6 SPORTEQ launch expands BEV portfolio with enhanced technology and BaaS offering

• M&M continues to gain EV market share

• BE6, XEV 9E & XEV 9S have received positive customer response

• New models and capacity expansion expected to further strengthen EV market share

HITACHI ENERGY INDIA: CITI — ACCUMULATE | TARGET ₹46,700

• Order book-to-revenue at 3.5x in Q1FY27, providing strong multi-year execution visibility

• Well positioned to benefit from the next wave of grid investments

• Expansion into Data Centers & BESS broadens addressable market

• 65% commodity cost pass-through supports margin resilience

NMDC: GOLDMAN SACHS — SELL | TARGET ₹84

• Q1 missed estimates due to lower-than-expected realisations and higher costs

• Recent price cuts and seasonally weak Q2 expected to weigh on near-term performance

• NMDC has announced two price cuts so far in Q2FY27

• Steel prices corrected earlier, while NMDC’s price cuts came later

• Receivables at NMDC Steel and RINL increased slightly QoQ

• FY27E/FY28E/FY29E EBITDA estimates cut by 2.9%/1.7%/1.6% respectively

ALKEM LABS: JPMORGAN — NEUTRAL | TARGET ₹6,100

• India business grew 10% YoY; branded business +12%, while trade generics remained flat

• Trade generics recovery expected, but structural constraints could cap India growth at high single digits

• Higher opex limited margin improvement despite sharp gross-margin expansion

• Occlutech expected to remain margin-dilutive over the next few years; breakeven targeted in FY27

• Enzene US CDMO expected to take ~4–5 quarters to reach breakeven

• Near-term earnings momentum remains limited, with few clear rerating triggers

ALKEM LABS: INVESTEC — UPGRADE TO BUY | TARGET ₹6,400

• Valuation attractive at 24x FY28E vs 38x for India-focused peers

• Stock underperformed Nifty Pharma by >20% over last 6 months

• Q1FY27 robust: Sales +11% YoY | EBITDA Margin 20.5%

• FY27 guidance maintained despite cost pressures

• India business growth guide upgraded to double-digit

• US business expected to grow mid-to-high single digits; ROW growth healthy double-digit

• CDMO business expected to break even

• Gross margin improved 250bps+ YoY & QoQ, providing scope for EBITDA margin beat

MAX HEALTHCARE: CLSA — OUTPERFORM | TARGET ₹1,160

• Network revenue grew 15% YoY, beating estimates

• Growth driven by higher operational beds, partly offset by discontinuation of high-value oncology drugs

• Margin miss due to higher operating costs from new beds and acquisition

• Plans to increase bed capacity by 66% over FY27–30 in phases

• Entering medical education business with targeted ROCE of 25–30%

• Estimates cut due to phased bed additions and higher costs for new capacity

MAX HEALTHCARE: JPMORGAN — OVERWEIGHT | TARGET ₹1,300

• Q1FY27 revenue & EBITDA grew 15% YoY each, 3% ahead of estimates

• Margins stable YoY but moderated QoQ due to brownfield commissioning and Kalinga acquisition

• Network occupancy at 75% despite 13% YoY increase in operational beds

• ARPOB grew 5% YoY/QoQ

• Growth and profitability expected to improve after two quarters of softer growth

• Balance sheet remains comfortable with net debt/EBITDA below 1x

ASHOK LEYLAND: UBS — ACCUMULATE | TARGET ₹210

• Target raised to ₹210 from ₹208

• Q1FY27 performance was mixed, but pricing discipline remains intact

• Profitability beat estimates, supported by inventory benefits

• Q2FY27 margins may face pressure from elevated commodity costs

ASHOK LEYLAND: CLSA — OUTPERFORM | TARGET ₹196

• Target raised to ₹196 from ₹183

• Demand outlook remains steady

• Q1 growth better than expected despite challenging conditions

• Margins expected to gradually normalise from Q3

• Stabilising commodity prices should support margin recovery

PHYSICSWALLAH: JPMORGAN — OVERWEIGHT | TARGET ₹148

• Q1 results beat estimates; FY27 revenue growth guidance maintained at 30%

• Plans to divest NBFC arm FinZ Finance to sharpen focus on core education business

• Stock corrected 18% over the past month amid concerns over NEET exam delays

INDIA STRATEGY: JPMORGAN — NIFTY 50 TARGET 27,000

• India earnings growth at highest level since Jun-2024

• Nifty 50 target reiterated at 27,000

• MSCI India Q1 Revenue: +19% YoY

• MSCI India Q1 PAT: +16% YoY

• Earnings beats: 58% | Misses: 24%

• Earnings growth showing improving sectoral breadth

KALYAN JEWELLERS: CITI — ACCUMULATE | TARGET ₹800

• Strong demand continues; 10%+ SSG achievable over medium-to-long term

• Old-gold exchange weighs on gross margins, partly offset by cash-for-gold

• Land sales expected to generate ₹350–400 Cr, including ~₹100 Cr by Sep’26

• Company remains on track to become debt-free by Sep’26

M&M: CITI — ACCUMULATE | TARGET ₹4,260

• BE6 SPORTEQ launch expands BEV portfolio with enhanced technology and BaaS offering

• M&M continues to gain EV market share

• BE6, XEV 9E & XEV 9S have received positive customer response

• New models and capacity expansion expected to further strengthen EV market share

JAPAN Q2 GDP |

PRELIMINARY DATA

GDP grows 0.3% QoQ vs 0.4% estimate; annualised growth at 1.1% vs 1.9% estimate

Capital expenditure falls 1.2% QoQ vs 0.6% growth estimate

Private consumption flat QoQ vs 0.5% growth estimate

External demand rises 0.5% QoQ vs 0.2% estimate

GDP price index rises 2.6% YoY vs 2.8% estimate

IGL: CLSA — OUTPERFORM | TARGET ₹195

• Target cut to ₹195

• Q1FY27 PAT missed estimates by 14%

• Unit margin missed estimates by 7%, despite volumes 1% ahead

• Unit EBITDA margin at record low; EBITDA fell to a 5-year low

• Long-term unit EBITDA guidance maintained at ₹7/scm

• FY27/FY28 EPS estimates cut by 16%/7% respectively

Kotak Securities write up:

*Rating Change*

*LG Electronics India (Downgrade to REDUCE, FV Rs1750)*

- Reported 15.5%/26% yoy topline/EBITDA growth in 1Q. The EBITDA margin print of 12.5% surprised positively, as RM headwinds were offset by higher premium mix, calibrated pricing, operating leverage and a normalization of promotional spends.

- After the strong start to the year, management remains confident of delivering FY2027E targets of mid-teen revenue growth and an early double-digit EBITDA margin.

- *We raise EPS estimates by 6-8% and raise FV to Rs1,750 (Rs1,580 earlier). Given the run-up in stock, we downgrade our rating to REDUCE (from ADD).*

Jefferies: BSE Limited | Risks Compounding; Downgrade To UNDERPERFORM (HOLD)*

* Cut FY27-29e EPS by 5-12%. Trades at 44x 1yr fwd EPS.

* Cut Price Target by 16% to INR2,940 (INR3,520)

BSE's revenues from domestic prop traders (50% of notional turnover) could be at risk due to headwinds from STT hike, RBI bank guarantee (BG) norms and Closing Auction Session (CAS).

Note BSE's options ADTO MTD in Aug'26 is down 12% vs Jul'26

While Consensus expects SENSEX to gain further market share, BSE's expiry day mkt share is similar to NSE & mkt share gains outside T-0/T-1 days have slowed

Cut FY27-29e EPS by 5-12%
Trades at 44x 1yr fwd EPS.